Banking & Finance
RBI to make LEI must for companies with over Rs 5 crore exposure
Reserve Bank of India (RBI) is set to make Legal Entity Identifier (LEI) compulsory for companies having aggregate fund-based and non-fund based exposure over Rs 5 crore.
About Legal Entity Identifier (LEI):
i. LEI is a unique 20 digit alphanumeric code that will be assigned to corporate borrowers.
ii. Banks will be required to acquire this number from the borrower and report it to the Central Repository of Information on Large Credits (CRILC) database. CRILC is a database in which details of loan above Rs 5 crore are maintained.
iii. On basis of LEI, banks will be able to monitor the aggregate exposure of corporate borrowers.
iv. Fetching loan details on basis of LEI, will prevent banks from extending multiple loans to companies against the same collateral.
v. By the end of October 2017, RBI will release detailed instruction pertaining to requirement for obtaining LEI.
EEPC signs pact with PNB for export finance
Engineering Export Promotion Council (EEPC) India, the premier trade and investment promotion body has signed a Memorandum of Understanding with Punjab National Bank (PNB) to provide easy access to export finance to the exporters in India.
Terms of MoU between EEPC and PNB:
i. Members of EEPC will be offered foreign currency loans and advisory support to financing projects through 200 authorised foreign exchange branches of PNB.
ii. Exporters can avail loans up to Rs 10 crore at competitive rates. Such loans will be processed within six to seven weeks after application.
iii. Exporters would also be provided with gold cards which would qualify them for additional benefits like quicker sanction and disbursal of loans.
iv. These facilities would first be offered only to EEPC members in eastern region and would be gradually extended to members of the other regions.
Quick Facts about EEPC India:
♦ Setup in – 1955
♦ Sponsored by – Union Ministry of Commerce and Industry
♦ Membership – 12000 members
SBI ties up with Escorts to finance farmers for purchase of tractors
On October 23, 2017, India’s largest public sector bank, State Bank of India (SBI) announced that it has entered into a tie-up with Escorts Limited to finance farmers for the purchase of Escorts tractors.Details
about SBI-Escorts Tie-up:
i. As per the terms of the tie-up, farmers across India, who wish to purchase Powertrac and Farmtrac brand tractors manufactured by Escorts, will be provided finance facility by SBI at competitive interest rates.
ii. In India, large number of small and marginal farmers are not able to take full benefit of farm mechanisation because of number of factors including low availability of finance.
iii. This tie-up will help a large number of small and marginal farmers as they will have access to necessary finance for the purchase of heavy duty tractors.
Quick Facts about Escorts Group:
♦ Founded in – 1960
♦ Headquarters – Haryana
♦ Current Chairman and MD – Rajan Nanda
IndusInd Bank launches Cobrand App with MobiKwik
On October 23, 2017, IndusInd Bank and MobiKwik announced the launch of a co-branded wallet, “IndusInd Mobikwik”.
More Details about IndusInd Mobikwik Wallet:
i. IndusInd Mobikwik wallet allows IndusInd bank’s customers to pay at the MobiKwik merchant network using their accounts.
ii. This wallet has a ‘direct debit feature’ which allows IndusInd Bank account holders to link their accounts just once and pay using the co-branded app as and when required. This feature eliminates the need to load the MobiKwik prepaid wallet separately.
iii. 10 million customer of IndusInd bank will be able to use ‘IndusInd Mobikwik’ for hassle free digital payments.
iv.Mobikwik mobile payment platform has a network of over 20,00,000 direct merchants and has 65 million users.
Quick Facts about IndusInd Bank:
♦ Founded in – 1994
♦ Headquarters – Mumbai
♦ Current CEO – Romesh Sobti
Madhya Pradesh tops in digital initiatives: Report by Coeus Age Consulting
As per a report by Coeus Age Consulting, Madhya Pradesh has emerged as the top state in terms of digital initiatives undertaken by State Government. Coeus Age Consulting is an organisation which provides consultancy services on various aspects of digital economy.
Highlights of Coeus Age Consulting’s Report on Digital Initiatives:
i. A comparative assessment of digital initiatives by 36 states and Union Territories was undertaken by Coeus Age Consulting.
ii. Comparative assessment indicates that a State/UT should not only be good but should be better than other states.
iii. The States/UTs were assessed and given scores on 109 key performance indicators placed under two broad scoring frameworks – Policy and Infrastructure Readiness (PIR) Score and Mission Mode Projects’ Performance (MMP) Score.
iv. Madhya Pradesh attained the maximum score of 100.1.
Digital Initiatives – Top 5 State
TRAI recommends 40 percent reduction in carbon emissions in telecom networks by 2023
In its recommendations to the Department of Telecom, on approach towards sustainable telecommunications, Telecom Regulatory Authority of India (TRAI) has recommended 40 per cent carbon emission reduction in telecom network by 2022-23.
TRAI’s Recommendations towards sustainable telecommunications
i. Target of reduction in carbon emission be set as 30 per cent by year 2019-20 and 40 per cent by the year 2022-23.
ii. In context of above mentioned targets, 2011-12 has been set as a base year.
iii. Telecom operators should get all the benefits granted by Government under various schemes for using renewable energy technologies.
iv. TRAI has also recommended that report of the carbon footprint of telecom operators should be submitted every year within 45 days after March.
Quick Facts about TRAI:
♦ Founded in – 1997
♦ Headquarters – New Delhi
♦ Current Chairman – R S Sharma
Awards & Recognitions
Cristiano Ronaldo and Lieke Martens win FIFA player-of-the-year awards
Footballer Cristiano Ronaldo has been named FIFA Men’s Player of the Year and Lieke Martens has been named FIFA Women’s Player of the Year.
About FIFA Awards 2017:
i. FIFA’s annual ‘The Best’ football award ceremony was held on October 23, 2017 in London, UK.
ii. Cristiano Ronaldo was adjudged best male footballer by securing 43.16% of the total vote.
iii .Male footballers Lionel Messi and Neymar received second and third highest votes respectively.
iv. With 21.72% votes, Lieke Martens of Netherlands national football team was adjudged best female footballer.
v. Zinedine Zidane of Real Madrid Club was awarded FIFA Best Men’s coach and Sarina Wiegman, manager of Netherlands women’s national football team was awarded Best Women’s Coach.
Quick Facts about FIFA:
♦ Founded in – 1904
♦ Headquarters – Zurich, Switzerland
♦ Current President – Gianni Infantino
Meghalaya Election Department enters Limca Book of Records
On 24th October 2017, an official announced that, the Meghalaya Election Department has entered Limca Book of Records for the formation of the biggest human logo comprising young voters in the state.
Meghalaya Election Department in Limca Book of Records:
i. The logo formation was part of Mission Unite (U and I towards Enrolment) as part of the Special drive to enroll young and left out voters in the age categories of 18 to 21 years held in July 2017 at the Jawaharlal Nehru Sports Complex.
ii. A total of 2,870 students, 113 schools, three colleges participated. The logo size was 120ft x 75ft. This has secured a place in the Limca Book of Records for the record on maximum number of enrolled young and future voters forming human logo formation in one single venue.
iv. Limca Book of Records official Garima Manon congratulated Meghalay Chief Electoral Officer Kharkongor. The Limca Book of Records will hand a certificate to Kharkongor by November 2017.
About Meghalaya Election Department:
♦ Chief Electoral Officer – Frederick Roy Kharkongor
♦ Additional Chief Electoral Officer – T.Lyngwa